Credit club findings......

Lemonsqueezer78

I didn't say Equifax and Experian have it wrong - I'm sure they make a lot of money selling those numbers to people.

They rely on people being being too lazy to think or use common sense... they know that in general people want simple mechanics like a single number to condense down and synthesise a seemingly complicated concept like "credit worthiness" for them.

I've studied gamification - specifically in financial services - quite a bit for my job. I don't think they have it wrong at all. I think the idea of creating an actual "credit score" to sell to people and other businesses is very clever.

But a good bit of marketing doesn't actually make it any more meaningful...or even useful.

And you don't offer anything we haven't seen or heard before. All you do is show exactly how good their marketing is at drawing people in.

Either that or you actually work for them.....

Flash_9

I've noticed a bit of your ramblings here about credit scores.
Please read my post from a year ago...(I've copied and pasted, as I cannot link)

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Flash 9 Old 09-12-2015, 6:55 PM

I often read on here about the insignificance of credit scores and ratings.

This will come as no surprise to some, but maybe of re-assurance to others that are looking to utilise mortgage opportunities and finance products. But also give a good example of why these "Numbers For Sale" mean absolutely jack zero..

I think to most people the two most important purchases in life are a house and car? Granted, these are generally secured loans, but an unsecured loan generally isn't of life significance.

Before making our purchases of our new house (FTB's) and our second car, naturally we make sure the data stored on the big 3 is correct, which it is. I won't post that here because that is only significant to me and my lenders, but let me post something for everyone due to highlight the insignificance. (Everyone's circumstances are different, so please take this on face value)

Here are my scores/ratings before my applications: (They barely change)

Experian - 579 POOR

Explanation:
Most lenders would regard this score as high risk and would expect a high proportion of people in this category to have serious problems repaying credit.

Equifax/Clear Score - 279 VERY POOR/POOR

Call Credit/Noddle - 1/5 - 550 VERY POOR/POOR

All very rosy then..Not pulling up many trees in my made up number league.

We have just completed on our first home mortgage last week at 1.99% with minimum deposit with a high street lender

And today I have been accepted for car finance at the best rate with no deposit with a high street lender.

If you have a Barclaycard, all your "Scores" are now free.
DO NOT BUY A CREDIT SCORE

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Back to today - over a year later

After that, may I add, 14 months into my mortgage (overpaying too) and new car, I am still no better off with these damn numbers....

Rothstein

So its ok that a eligibility checker gives you a % , a number ?

What about a DUNS score ?, is that useless and meaningless too ?.........im sure Warren Buffet would love to know !

What system would you suggest otherwise ?

Perhaps adjectives ?

your rating (score in old money) is........Good, not so good, pretty good, fairly good ?

Do you think that would work ??

Rothstein

Flash_9 wrote: »

I've noticed a bit of your ramblings here about credit scores.
Please read my post from a year ago...(I've copied and pasted, as I cannot link)

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Flash 9 Old 09-12-2015, 6:55 PM

I often read on here about the insignificance of credit scores and ratings.

This will come as no surprise to some, but maybe of re-assurance to others that are looking to utilise mortgage opportunities and finance products. But also give a good example of why these "Numbers For Sale" mean absolutely jack zero..

I think to most people the two most important purchases in life are a house and car? Granted, these are generally secured loans, but an unsecured loan generally isn't of life significance.

Before making our purchases of our new house (FTB's) and our second car, naturally we make sure the data stored on the big 3 is correct, which it is. I won't post that here because that is only significant to me and my lenders, but let me post something for everyone due to highlight the insignificance. (Everyone's circumstances are different, so please take this on face value)

Here are my scores/ratings before my applications: (They barely change)

Experian - 579 POOR

Explanation:
Most lenders would regard this score as high risk and would expect a high proportion of people in this category to have serious problems repaying credit.

Equifax/Clear Score - 279 VERY POOR/POOR

Call Credit/Noddle - 1/5 - 550 VERY POOR/POOR

All very rosy then..Not pulling up many trees in my made up number league.

We have just completed on our first home mortgage last week at 1.99% with minimum deposit with a high street lender

And today I have been accepted for car finance at the best rate with no deposit with a high street lender.

If you have a Barclaycard, all your "Scores" are now free.
DO NOT BUY A CREDIT SCORE

---

Back to today - over a year later

After that, may I add, 14 months into my mortgage (overpaying, I might add) and new car, I am still no better off with these damn numbers....

ok, one example........but there will be more to this than meets the eye, there always is !

You say WE got a mortgage .......so its joint ?

You have to agree, if everyones tale, if factual, was the same as yours, the 3 agencies would have been shut down a long time ago !

Me saying how they do matter is trying to highlight how pedantic and ridiculous all those who keep saying they don't matter are......people want advice, not the same worn out second hand sentences !

Rothstein

[QUOTE=Lemonsqueezer78;72206062

Either that or you actually work for them.....[/QUOTE]

Ive not worked for anyone but myself since 1990, that really is a mugs game, earning other people money !.....far worse than spending £14.99 on a credit report !

Flash_9

Rothstein wrote: »

ok, one example........but there will be more to this than meets the eye, there always is !

You say WE got a mortgage .......so its joint ?

You have to agree, if everyones tale, if factual, was the same as yours, the 3 agencies would have been shut down a long time ago !

Me saying how they do matter is trying to highlight how pedantic and ridiculous all those who keep saying they don't matter are......people want advice, not the same worn out second hand sentences !

I'm just going to highlight what you have just said...

........but there will be more to this than meets the eye, there always is !

'Exactly' :T

Taking my "Scores" to my joint (as you point out) mortgage application means nothing... as it does my (single) car finance application. What is important is that the data is correct and my circumstances match the lenders criteria.

You say people need advice, well I would advise anyone applying for a mortgage that is unsure to speak to a broker and be totally honest to that broker. When applying for credit make use of elibility checkers, don't make too many applications for credit in a short period of time and pay all of your bills on time and keep within credit limits.

I would also advise people to ignore the random number generator...